Answer to Question #259923 in Economics for Kajal

Question

You have studied Business Ethics in a structured manner in this program. Has it helped 

you with tools to better manage your decision making process as a business person? 

Explain in your own words. 

Answer 1

For successful decision-making on pressing problems in an organization carrying out its economic activities in the market of goods and services, theoretical knowledge and practical skills in the use of decision-making tools are required. Each of the tools can be applied in a certain area of ​​the entity's business, and with its help, it is possible not only to analyze a specific event and organizational unit but also to predict future activities and their effectiveness. The book offers seven tools that have received the widest practical application, however, in management theory, there are many more tools used to study, control, and forecast the organization's activities in the market. So, the main decision-making tools.

In the concept of "decision-making tools," it is customary to invest in those schemes that need to be used in order to research and control the activities of the organization.

1. Matrix SWOT.

2. Matrix "urgency - importance".

3. STEP analysis.

4. Ansoff's matrix.

5. Method of hierarchies.

6. Porter's method.

7. BCG matrix.